Interactive Brokers Review

2.344 · 152 REVIEWS
Updated: Sep 1, 2020 · InteractiveBrokers.com  · Is this your company?

InteractiveBrokers is a stock broker. Interactive Brokers offers TWS web and mobile trading platform. InteractiveBrokers.com offers stocks, futures, options, ETFs, forex, CDs, bonds etc. for your personal investment and trading options.

Interactive Brokers

Other websites of this company include www.interactivebrokers.co.uk

Broker Details

Minimum Trade Size: 0.25
Maximum Leverage: 40:1
Minimum to Open Live: $25,000
Established: 1978
Address: One Pickwick Plaza, Greenwich, CT 06830, United States
Contact: Unknown
Regional offices:
Regulators: ASIC #AFSL: 453554, IIROC #, SFC #, SEBI #INZ000217730, CSSF #, FCA #208159, FINRA #, SEC #
Prohibited countries: Unknown
Trading platforms: TWS
Web Trading: Unknown
Mobile Trading: Unknown
Currencies: (20+)
Cryptocurrencies:
CFD: (4890+) Gold, Silver, Stocks, Stock Indexes, Bonds, Oil, Other Commodities
Deposit Methods: Bank Wire, ACH (Automated Clearing House), BPAY, Check, Direct Debit, Local Bank Deposits, Transfer from Existing Broker
Withdrawal Methods: Bank Wire, ACH (Automated Clearing House), BACS (Bankers' Automated Clearing Services), Check, Direct Debit, EFT (Electronic Funds Transfer), GIRO (General Interbank Recurring Order), SEPA (Single Euro Payments Area)

Live discussion

Join live discussion of InteractiveBrokers.com on our forum

Go to forums

Video

Your company video here? Contact ad sales

2.344 · 152 REVIEWS
Forex Peace Army
DO YOU RECOMMEND THIS COMPANY?

Let other traders know if this service is worth checking or should be avoided.

Your feedback matters!

Traders Reviews

Jondavi,
Gulf Coast,
Mar 13, 2009,
Guest

Bob (AZ), said, "The biggest scam of all is that you after you close a trade, you often are stuck with foreign currency in your account (what they call non-base currency) and then you have to convert that money to your base currency. So, for example, if you live in the US, after you close a trade, you may have JPY in your account instead of USD. Then they hit you for a commission and a HUGE spread to convert the JPY to USD. In the meantime, your account is subject to fluctuations in the Yen until you close out the non-base currency this second time." This is absolutely true; and, from my experience with I-B, there is no way around having to manually convert the non-base currency back to whatever your chosen base currency happens to be. For me, this is the one big issue that I have with I-B. In fact, upon getting to know the FX Trader platform and learning how to set it up optimally so trading is second nature and co-natural, it does meet and even surpass many of the other platforms that are provided for forex trading...even MT4 (if you don't mind the inability to use EAs). In any case, the currency conversion issue, imo, leaves the trader with one choice: take the risk of losing money when the conversion is done or pay a small $30.00 commission to ensure that the trade will not result in a loss of any great consequence. Essentially, the problem is in having to deal with two different trading platforms. One is called "Ideal" and the other is called "Ideal Pro." Ideal Pro is recommended for reasons that are sound when you are trading in larger currency units than 25,000. The "Ideal" platform is primarily meant to be used when converting smaller than 25,000 units back to your base currency. However, if you have large residuals of foreign currency in your account after having closed the trade from the FX Trader or from the ChartTrader and then go into your account to convert the currency back to base, beware of converting the residual from within the account Market Value section. If an attempt to convert the residual from within the Market Value section of your account is conducted and there is more than 25,000 currency units remaining that you want to convert, it is better to place a manual trade on the Trader Work Station to offset the position because you will then be using the "Ideal Pro" platform instead of the "Ideal" platform when converting larger residuals. Remember, the Ideal Pro platform is for non-base currency units that are greater than 25,000 (USD - if USD is your base). So long as the amount remaining in foreign currency is not equivalent to USD$25,000, it is safe to close the residual from within the Account section, otherwise, play it safe and either call the trade desk and place the trade through the rep or place the trade manually on the TWS using IDEAl PRO. After a couple of wide-spread loses from having not known these finer details, it is my opinion that it might be better to just hold the non-base currency until you are no longer trading it and use the trade desk to place an 'insurance' trade; that is, a trade that is placed by one of I-Bs own reps who can ensure that the trade will not cause a massive reduction in your account. This does sound complicated and confusing, but once it is understood that you are dealing with two different trading platforms that are intended for different currency unit sizes, it becomes better understood as to what needs to be done to protect your interest and your account.
 
Steve,
San Francisco,
Mar 10, 2011,
Guest

Interactive Brokers is suck.

The customer service is very unprofessional and rude. Another thing is that, they will try to do everythin they can to deter you from transfer money out of your account. Despite all he security that they set up to log into the system, and even if you are simply transfering the fund into your own bank account, they will keep calling you to verify your transfer.
  1 trader has found this review helpful
AB,
Baltimore, USA,
Aug 9, 2012,
Guest

After reading the poor reviews, I think I needed to come in the defense of IB. I've had an IB account probably for over 10 years. Tried many other brokers and this one is the best for me. I think most of the problems are 1) people do not take the time to learn their platform, they have many online courses to do that; 2) if your trade gets closed out because of your low margin, reread their policy; 3) IB is geared to professionals and if you need hand holding they are not the place for you to start. Their phone support is poor. 4) They are one of the largest brokers with the most capital in the world and do not do high risk trading where they will disappear with your money - if you don't think about the safety of your account your playing with fire at other brokers 5) they have the best ways to interface into their platfrom if you have that level of sophistication, ie, Java, C++, Excel etc. Others don't come close. 6) Seems some of the bad posts are from their competitors :)
 
Toronto, Canada,
Oct 11, 2018,
Registered user

For sure they rob your money. They Rob small retail traders and help the big sharks to profit.

I lost all my hard earned money.
They developed an AI algorithm which tracks the small retail traders finds out their stop loss zone or their preset to hit the stop loss.

The moment you get stopped out, you can see level At level 2 and Tape the price will fly.

My expensive lesson learned: don’t get attracted by low commissions. This people are really high tech robbers.
 
Tim,
NYC,
Jan 27, 2009,
Guest

They aren't a forex broker, they are futures and equities, and consider forex secondary. They give you a program called FX Trader, but its part of there main program, so orders go back forth between the two. It gets confusing, and is a bit confusing to use. Margins are extremely high, and they raise them whenever they wan't to protect themselves. Oh yeah they will charge you interest in the currency that your buying or selling and come end of the month they will do a regular fx transfer to cover the expenses. The spread and conversion ratio is poor, and by the way customer service is poor to nonexistent.
 
Ah Phui,
Malaysia,
May 9, 2008,
Guest

My expereince with them so far is terrible. I opened an account in AUD, then later found out I should have opened in USD or CAN becuase I want to trade in stocks from those countries.

No-one in customer service knew any of this; they have had USD55k of my money for some weeks and I still cannot trade.

Send them a Service Ticket and after more than a full working day , no one has even botherred to read it.

My guess is that they are using minimum wage customer service personnel with no product knowledge.

IB has been a huge waste of my time.
 
CJ,
Colorado US,
Aug 16, 2006,
Guest

I was doing well with IB until recently. Twice they filled me at 10 pips outside the spread. Basically stealing from me 10 pips. They also are not filling limit orders at times and they are very slow. I was getting in within a second or two, and not it is as much as 15 seconds. I had a buy limit order placed and the price moved above and below the limit order a couple pips and no fill. I switch it to market, and it fills outside the spread. Their actions are criminal, pure and simple. I emailed them and they basically said that Forex is unregulated and they can do whatever they want. This broker has gone way downhill.
 
Giovanni,
Netherlands,
Aug 6, 2006,
Guest

They are great for trading stocks and futures. You can also trade forex, however you have to pay a commission on top of the spread for each trade. Execution is instant, but spreads can widen a lot during news announcements (+30 pips) for brief periods, so it may not be the best broker for news trading. Customer service is excellent though and they offer a lot of products.



2006-09-03 update I got filled around 8~12 pips outside of the spread 3 times in a row during news time! That's 10 pips above the spike, where the price never was!
 
MK,
UK,
Aug 4, 2006,
Guest

Crap! I've been trying to close my account with them for months but, due to some irrational problem they have, they can't close it. You can't speak to any one, you have to log on and use their chat service which takes forever for someone to answer. I get margin call email messages despite not trading through them for about two years. They've pissed me off big time. They haven't got a clue about customer service. Whilst their platform is quite good, I wouldn't recommend them as a broker for Joe Soap.
 
Felix,
Germany,
Aug 3, 2006,
Guest

Worst firm ever. Cannot recommend them due to huge slippage on volatile markets or no fills. Rollover cost and commissions too high compared with others. The accounting is a disaster...
 

Frequently Asked Questions

What is the minimum deposit for Interactive Brokers?

There is no minimum deposit required by InteractiveBrokers for both IBRK LITE and IBRK PRO.

How much does Interactive Brokers charge per trade?

InteractiveBrokers charges a tiered commission based on the combined Monthly Trade Value of Spot Forex trades.

Monthly Trade Value: USD<= 1,000,000,000
Commissions: 0.20 *0.0001 * Trade Value
Minimum per order: USD 0.20

Monthly Trade Value: USD 1,000,000,001 - 2,000,000,000
Commissions: 0.15 *0.0001 * Trade Value
Minimum per order: USD 0.15

Monthly Trade Value: USD 2,000,000,001 - 5,000,000,000
Commissions: 0.10 *0.0001 * Trade Value
Minimum per order: USD 0.125

Monthly Trade Value: USD > 5,000,000,000
Commissions: 0.08 *0.0001 * Trade Value
Minimum per order: USD 0.10

Does Interactive Brokers charge a dormant account fee (inactivity fee)?

Whether Interactive Brokers charges a monthly inactivity fee or not depends on the account type.

  • IBKR Pro Accounts:

IBKR Pro accounts are subject to a monthly activity fee of USD 10 (USD 20 if the account balance is USD 2,000 or below).
If any fee, withdrawal, transfer or adverse market move reduces the account balance to USD 0, the account will be automatically closed.

  • IBKR Lite Accounts:

IBKR Lite accounts, however, are not subject to a monthly minimum activity fee.

What is IBKR Lite in Interactive Brokers?

IBKR Lite is an IBKR pricing plan that boasts below features.

  • Unlimited, commission-free trading in US listed stock and ETFs
  • Access to global markets
  • Trading via Client Portal, IBKR Mobile and Trader Workstation (TWS)
  • No account minimums and no inactivity fees.

Who is eligible for Interactive Brokers' IBKR Lite?

The IBKR Lite is offered with some restrictions. See the explanations below.

  • To direct US clients
  • Any client of an Introducing Broker (not omnibus brokers)
  • Direct accounts have to be natural person (i.e. cannot be Legal Entity, Org, etc.).
  • For standalone trust accounts, all trustees/beneficiaries on the account must be natural persons.
  • For trust accounts that are under an advisor, the trustees/beneficiaries may be legal entities.